Unreal Engine 5 deathly slow on m1 mac

Empty default third person project, viewport set to low scalability.
I had no problems with ue4 or any of the ue5 previews but now that it is the official release, the viewport is laggy and deathly slow, even freezing for a while just trying to click certain tabs.

it shouldn’t be this bad on an empty project. this has to be a bug.

This has also been happening on my older Intel iMac. The preview releases were quite stable in performance, but once 5.0 officially launched, the editor was complete unusable on a blank project. I eventually found a workaround for myself: turning off Anti-Aliasing in the viewport drastically helps performance and prevents the constant “Texture streaming pool” error message from popping up. Combining that with reducing the engine scalability settings leads to much better performance.